As provided by Section 4 of the Federal Reserve Act, as amended, the Federal Reserve Bank of New York is conducting an election of those directors whose terms expire on December 31, 2024. Those directors are Class A director, René F. Jones, Chairman and Chief Executive Officer of M&T Bank Corp.; and Class B director, Scott Rechler, Chairman and Chief Executive Officer of RXR. Both of these director positions were elected by member banks in Group 1, and their successors will be chosen by this Group. Member banks in Groups 2 and 3 will not participate in this election. The names of the candidates nominated for such offices, and by whom nominated, are shown in the Election Circular.